With Patel as the new governor, who served as RBI's deputy governor since January 2013 and was in charge of monetary policy, every stakeholder in the market expects continuity in the monetary policy approach.KOLKATA: Urjit Patel, who has assumed charge as the 24th governor of the Reserve Bank of India with effect from September 4, may not beable to cut policy rates immediately as food prices rise along with the recent rise in fuel prices will create doubts over inflation movement.

Market participants will keenly follow how the architect of inflation targeting balances the two key aspects of growth dynamics -- inflation management and better credit delivery.

He will deliver his first monetary policy statement one month from now on October 4 but given the recent rise in food and vegetable prices, chances of an immediate rate cut from Patel may be remote. A clearer picture on price movements may emerge on September 12 when the government will release the consumer price index (CPI) data.

Inflation measured in terms of CPI rose at a faster-than-expected 6.07% rate in August from a year ago, up from June's 5.77%. RBI has projected inflation at 5% by March 2017.

"The chances of a rate cut on October 4 policy looks limited given the recent movement of food prices and near term outlook of inflation," Indian Ratings & Research chief economist Devendra Kumar Pant told ET. "If liquidity is managed at near-neutral level, that will also have a strong bearing upon interest rate movement in the economy," he said.

The new governor has succeeded Raghuram Rajan, whose three-year term ended on September 4.

Patel, a Ph. D in Economics from Yale University, he needs to ensure that the sluggish global economic environment does not impact India.

With Patel as the new governor, who served as RBI's deputy governor since January 2013 and was in charge of monetary policy, every stakeholder in the market expects continuity in the monetary policy approach. Among his assignments as deputy governor, he chaired the Expert Committee to Revise and Strengthen the Monetary Policy Framework.

Patel was re-appointed as deputy governor on January 11, 2016 after completion of his first three-year term of office.

He had earlier served at the International Monetary Fund (IMF). He was on deputation from the IMF to RBI during 1996-1997, and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market.

Sachin Bansal, Binny Bansal, sales director Hari, accounts managers Sumit Anand and Sharauque among other employees have been named in the FIR registered on the basis of a complaint lodged by Naveen Kumar, owner of Indiranagar-based C-Store Company.